UN Agency Says Food Prices Stuck Near Record Highs as Supply-Chain Woes Continue

From NTDposted 2 weeks ago

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Food prices remained elevated in April, barely easing from March’s record highs and posing challenges to food security amid ongoing market tightness, according to a UN agency.

The Food and Agriculture Organization of the United Nations (FAO) said that its food price index, which tracks the most globally traded commodities, retreated by 1.2 points over the month in April, after making a “giant leap” of 18.6 points in March to hit an all-time high of 159.7 points.

“The small decrease in the index is a welcome relief, particularly for low-income food-deficit countries, but still food prices remain close to their recent highs, reflecting persistent market tightness and posing a challenge to global food security for the most vulnerable,” FAO Chief Economist Máximo Torero Cullen said in a statement.

The slight decline in the food index was led by a significant drop in the price of vegetable oils and a modest fall in the price of cereals.

The FAO’s vegetable oil price index shed 14.3 points, or 5.7 percent, from its March record high. The drop was driven by lower prices of palm, sunflower, and soy oils.

Dairy, meat, and sugar prices all rose from March to April, according to FAO.

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